(1) (a) Effective July 1, 2002, there is established the board of trustees for Fort Lewis college, referred to in this article as the "board of trustees", which shall consist of nine members and shall be the governing authority for Fort Lewis college. The board of trustees shall be, and is hereby declared to be, a body corporate and, as such and by the names designated in this section, may:

(I) Acquire and hold property for the use of Fort Lewis college;

(II) Be a party to all suits and contracts; and

(III) Do all things necessary to carry out the provisions of this article in like manner as municipal corporations of this state, including but not limited to the power to demand, receive, hold, and use for the best interests of Fort Lewis college such money, lands, or other property as may be donated or devised to or for the college.

(b) The board of trustees and their successors shall have perpetual succession, shall have a seal, may make bylaws and regulations for the well-ordering and governance of Fort Lewis college, and may conduct the business of said college in a manner not repugnant to the constitution and laws of this state. The board of trustees shall elect from the appointed members a chairperson, a secretary, and a treasurer, whose duties and responsibilities shall be prescribed in the duly adopted bylaws of the board of trustees. The staff of Fort Lewis college shall provide staff support for the board of trustees.

(2) The governor shall appoint, on or before August 1, 2002, with the consent of the senate, seven members of the board of trustees. Members initially appointed to the board of trustees shall have the authority to act on behalf of the board of trustees prior to obtaining confirmation by the senate. The members first appointed to said board shall take office on or before August 1, 2002. Appointments of members to take office on or before August 1, 2002, shall be made so that two members of the board have terms expiring on January 1, 2004, two members of the board have terms expiring on January 1, 2005, two members of the board have terms expiring on January 1, 2006, and one member of the board has a term expiring on January 1, 2007; thereafter, the terms of said seven members of the board of trustees shall be four years. Notwithstanding any other provision of this section, the term of each member serving on the board of trustees as of May 26, 2006, shall be extended to expire on December 31 of the calendar year in which the member's appointed term would otherwise expire. Members appointed on or after January 1, 2007, shall serve terms of up to four years, expiring on December 31 of the third calendar year following the calendar year inwhich the member is appointed. For terms ending on or after December 31, 2006, the governor shall appoint a succeeding member on or before March 1 immediately following the expiration of the term. Each trustee following the initial appointments shall hold office for the term for which the trustee is appointed and until the trustee's successor is appointed and confirmed by the senate. Of the seven members appointed by the governor, no more than four shall be from any one political party and no more or less than two shall be residents of southwestern Colorado. The board members from southwestern Colorado shall reside in Archuleta, Dolores, La Plata, Montezuma, or San Juan county.

(3) The eighth office shall be filled by an elected member of the student body of Fort Lewis college who is a full-time junior or senior student at Fort Lewis college. The term of said elected office shall be one year, beginning August 1, 2002, and beginning August 1 each year thereafter. The elected student office shall be advisory, without the right to vote.

(4) The ninth office shall be filled by an elected member of the faculty at large of Fort Lewis college elected by other members of the faculty at large for a term of two years, beginning August 1, 2002, and beginning August 1 each year thereafter. The elected faculty office shall be advisory, without the right to vote.

(5) Any vacancy in the office of an appointed member of the board of trustees shall be filled by appointment by the governor for the unexpired term. Any vacancy in either of the elected offices on the board of trustees shall be filled by reelection for the unexpired term. Each trustee shall take an oath or affirmation in accordance with section 24-12-101.

(6) Repealed.

(7) Except as otherwise provided in this subsection (7), the powers, duties, and functions formerly performed by the board of governors of the Colorado state university system with respect to Fort Lewis college are hereby transferred to the board of trustees. Policies, resolutions, procedures, and agreements previously approved by the board of governors of the Colorado state university system and applicable to Fort Lewis college shall remain in force and effect unless and until changed by the board of trustees.

(8) Repealed.